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Business Services

Business services co. needs to create standalone platform​

Context

Recognizing the potential to create a more profitable standalone business, a private equity sponsor invested in the acquisition and carve-out of the employee benefits outsourcing division of a major business services company. The multibillion-dollar organization supported a marquee roster of Fortune 500 clients, delivering benefits and HR services to more than 23 million workers. The sponsor engaged us for tech and operational due diligence to inform its investment strategy and support a successful separation.​

Value Created

8 months to exit​
the majority of TSAs​
$4.6B in enterprise value created​
41% higher productivity​
vs. plan​

People

VALUE LEVERS

  1. Organizational stand-up & workforce transition​
  2. Global talent & operating model optimization

HOW WE DID IT

  • Designed and implemented a new operating and governance model that enabled the seamless Day One transfer of more than 20,000 associates with no disruption to client service or operations​
  • Partnered with leadership to redesign delivery models—including call center operations and selective outsourcing—to improve performance and support scalable growth

Process

VALUE LEVERS

  1. TSA negotiation & exit execution​
  2. Procurement, real estate & cost structure optimization

HOW WE DID IT

  • Negotiated and operationalized Transition Service Agreements to appropriately balance risk and cost while enabling a clean, on-time exit from all seller dependencies​
  • Led cross-functional initiatives in sourcing and real estate rationalization that materially reduced the cost base and delivered tens of millions of dollars in EBITDA savings

Technology

VALUE LEVERS

  1. IT separation & infrastructure migration​
  2. Technology-driven productivity identification

HOW WE DID IT

  • Executed a full-scale technology carve-out, migrating the entire IT environment—including email, servers, applications, and collaboration platforms—without interrupting business operations​
  • Conducted tech and operational due diligence that uncovered significantly greater productivity potential than originally identified, reshaping the investment thesis and transaction strategy